INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Investments [Abstract]

Schedule of Investments

Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of June 30, 2025 and December 31, 2024 are shown in the following table:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
June 30, 2025:
Senior debt and 1st lien notes	$	3,366,427	84	%	$	3,362,566	84	%	141	%
Subordinated debt and 2nd lien notes	178,924		4		176,250		4		8
Structured products	97,396		3		98,777		3		4
Equity shares	325,516		8		371,196		9		16
Equity warrants	4		—		1,084		—		—
Royalty rights	3,352		—		3,854		—		—
Investment in joint ventures	29,529		1		9,532		—		—
Short-term investments	10,589		—		10,588		—		—
	$	4,011,737	100	%	$	4,033,847	100	%	169	%

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2024:
Senior debt and 1st lien notes	$	2,552,342	82	%	$	2,503,156	81	%	127	%
Subordinated debt and 2nd lien notes	125,971		4		122,748		4		6
Structured products	79,722		3		80,401		3		4
Equity shares	298,038		10		337,684		11		17
Equity warrants	4		—		2,813		—		—
Royalty rights	9,066		—		14,583		—		1
Investment in joint ventures	41,986		1		22,480		1		1
Short-term investments	10,201		—		10,200		—		1
	$	3,117,330	100	%	$	3,094,065	100	%	157	%

As of December 31, 2024, the CPCF BPCC investment portfolio consisted of the following investments:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2024:
Senior debt and 1st lien notes	$	222,535	100	%	$	219,644	100	%
	$	222,535	100	%	$	219,644	100	%

The industry composition of CPCF BPCC’s investments at fair value at December 31, 2024 was as follows:

($ in thousands)	December 31, 2024
Aerospace & Defense	$	24,511	11	%
Automotive	4,859		2
Banking, Finance, Insurance, & Real Estate	3,435		2
Capital Equipment	13,720		6
Chemicals, Plastics, & Rubber	2,406		1
Consumer Goods: Durable	2,743		1
Consumer Goods: Non-durable	4,908		2
Energy: Electricity	4,843		2
Healthcare & Pharmaceuticals	26,273		12
High Tech Industries	45,832		21
Media: Advertising, Printing, & Publishing	10,162		5
Media: Diversified & Production	5,700		3
Services: Business	54,007		25
Services: Consumer	9,405		4
Transportation: Cargo	2,959		1
Utilities: Electric	3,881		2
Total	$	219,644	100	%

The geographic composition of CPCF BPCC’s investments at fair value at December 31, 2024 was as follows:

($ in thousands)	December 31, 2024
Canada	$	7,869	4	%
France	18,953		9
Germany	9,435		4
Netherlands	2,610		1
United Kingdom	4,950		2
USA	175,827		80
Total	$	219,644	100	%

Schedule of Capital Contributed and Unfunded

As of June 30, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
June 30, 2025:
Federal Housing Administration (“FHA”) loans	$	139,967	90	%	$	131,667	90	%
Veterans Affairs (“VA”) loans	15,923		10		14,934		10
	$	155,890	100	%	$	146,601	100	%
December 31, 2024:
Federal Housing Administration (“FHA”) loans	$	193,265	93	%	$	179,963	93	%
Veterans Affairs (“VA”) loans	14,305		7		13,388		7
	$	207,570	100	%	$	193,351	100	%

As of June 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

($ in thousands)	As of  June 30, 2025		As of  December 31, 2024
Total contributed capital by Barings Private Credit Corporation (1)	$	32,226	$	32,226
Total contributed capital by all members (2)	482,083		482,083
Total unfunded commitments by Barings Private Credit Corporation	—		—
Total unfunded commitments by all members	—		—

(1)Includes $2.2 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $209.3 million as of both June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands)	As of  June 30, 2025		As of  December 31, 2024
Total contributed capital by Barings Private Credit Corporation	$	25,000	$	25,000
Total contributed capital by all members (1)	139,020		139,020
Total unfunded commitments by Barings Private Credit Corporation	—		—
Total unfunded commitments by all members	—		—

(1)Includes $87.3 million of total contributed capital by related parties as of both June 30, 2025 and December 31, 2024.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.

June 30, 2025 ($ in thousands)(2)	Fair Value		Valuation Model	Level 3 Input	Range of Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)	$	2,432,635	Yield Analysis	Market Yield	5.3% – 27.0%	10.2%	Decrease
	60,341		Market Approach	Adjusted EBITDA Multiple	0.5x – 9.0x	7.2x	Increase
	605,748		Recent Transaction	Transaction Price	96.0% – 100.0%	98.6%	Increase
Subordinated debt and 2nd lien notes	75,993		Yield Analysis	Market Yield	8.0% – 21.1%	13.7%	Decrease
	26,597		Market Approach	Adjusted EBITDA Multiple	0.8x – 28.5x	16.2x	Increase
	45,842		Recent Transaction	Transaction Price	96.0% – 100.0%	97.8%	Increase
Equity shares	37,389		Yield Analysis	Market Yield	11.3% – 28.3%	15.1%	Decrease
	305,027		Market Approach	Adjusted EBITDA Multiple	0.5x – 28.5x	16.7x	Increase
	872		Market Approach	Revenue Multiple	5.5x – 9.0x	5.7x	Increase
	9,903		Discounted Cash Flow Analysis	Discount Rate	12.9%	12.9%	Decrease
	8,013		Net Asset Approach	Liabilities	$(115,370.3)	$(115,370.3)	Decrease
	9,992		Recent Transaction	Transaction Price	$0.00 – $135.00	$5.56	Increase
Equity warrants	1,084		Market Approach	Adjusted EBITDA Multiple	0.5x – 11.4x	11.4x	Increase
Royalty rights	3,854		Yield Analysis	Market Yield	28.0% – 30.0%	29.0%	Decrease

(1) Excludes investments with an aggregate fair value amounting to $4,770, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) For structured products, investments with an aggregate fair value amounting to $14,384, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

December 31, 2024 ($ in thousands)	Fair Value		Valuation Model	Level 3 Input	Range of Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes	$	1,975,176	Yield Analysis	Market Yield	6.5% – 75.8%	10.4%	Decrease
	35,525		Market Approach	Adjusted EBITDA Multiple	0.5x – 9.0x	8.2x	Increase
	391,476		Recent Transaction	Transaction Price	95.0% – 100.0%	98.6%	Increase
Subordinated debt and 2nd lien notes	78,884		Yield Analysis	Market Yield	8.0% – 18.6%	13.1%	Decrease
	25,667		Market Approach	Adjusted EBITDA Multiple	0.9x – 22.4x	14.8x	Increase
	5,656		Expected Recovery	Expected Recovery	$5,656.1	$5,656.1	Increase
	702		Recent Transaction	Transaction Price	98.0%	98.0%	Increase
Structured products(1)	3,962		Yield Analysis	Market Yield	9.7%	9.7%	Decrease
Equity shares	30,517		Yield Analysis	Market Yield	10.8% – 30.5%	14.1%	Decrease
	282,073		Market Approach	Adjusted EBITDA Multiple	0.5x – 28.5x	11.1x	Increase
	1,367		Market Approach	Revenue Multiple	5.5x – 8.8x	5.8x	Increase
	8,426		Discounted Cash Flow Analysis	Discount Rate	12.9%	12.9%	Decrease
	6,458		Net Asset Approach	Liabilities	$(96,678.3)	$(96,678.3)	Decrease
	8,843		Recent Transaction	Transaction Price	$1.00 – $1,847.58	$1,326.31	Increase
Equity warrants	2,813		Market Approach	Adjusted EBITDA Multiple	0.5x – 11.8x	8.0x	Increase
Royalty rights	14,583		Yield Analysis	Market Yield	18.6% – 26.4%	21.0%	Decrease

(1) Excludes investments with an aggregate fair value amounting to $15,937, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present the Company’s investment portfolio at fair value as of June 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

	Fair Value as of June 30, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	259,072	$	3,103,494	$	3,362,566
Subordinated debt and 2nd lien notes	—		27,818		148,432		176,250
Structured products	—		84,393		14,384		98,777
Equity shares	—		—		371,196		371,196
Equity warrants	—		—		1,084		1,084
Royalty rights	—		—		3,854		3,854
Short-term investments	10,588		—		—		10,588
Investments subject to leveling	$	10,588	$	371,283	$	3,642,444	$	4,024,315
Investment in joint ventures (1)							9,532
							$	4,033,847
	Fair Value as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	100,979	$	2,402,177	$	2,503,156
Subordinated debt and 2nd lien notes	—		11,839		110,909		122,748
Structured products	—		60,502		19,899		80,401
Equity shares	—		—		337,684		337,684
Equity warrants	—		—		2,813		2,813
Royalty rights	—		—		14,583		14,583
Short-term investments	10,200		—		—		10,200
Investments subject to leveling	$	10,200	$	173,320	$	2,888,065	$	3,071,585
Investment in joint ventures (1)							22,480
							$	3,094,065

(1)The Company’s investments in CPCF BPCC, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30, 2025 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Total
Fair value, beginning of period	$	2,402,177	$	110,909	$	19,899	$	337,684	$	2,813	$	14,583	$	2,888,065
New investments	844,116		48,767		5,000		20,465		—		—		918,348
Transfers out of Level 3 (1)	—		—		(9,611)		—		—		—		(9,611)
Proceeds from sales of investments / return of capital	(34,766)		—		—		(3,701)		—		(11,886)		(50,353)
Loan origination fees received	(15,904)		(1,155)		—		—		—		—		(17,059)
Principal repayments received	(148,302)		(12,895)		(1,333)		—		—		—		(162,530)
Payment-in-kind interest / dividends	4,506		1,787		—		8,330		—		—		14,623
Accretion of loan premium / discount	277		—		—		—		—		—		277
Accretion of deferred loan origination revenue	6,799		406		—		—		—		—		7,205
Realized gain (loss)	(2,745)		(149)		—		2,384		—		6,171		5,661
Unrealized appreciation (depreciation)	47,336		762		429		6,034		(1,729)		(5,014)		47,818
Fair value, end of period	$	3,103,494	$	148,432	$	14,384	$	371,196	$	1,084	$	3,854	$	3,642,444

Six Months Ended June 30, 2024 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Total
Fair value, beginning of period	$	1,915,633	$	130,273	$	15,705	$	297,138	$	2,475	$	—	$	2,361,224
New investments	486,743		27,873		—		4,440		—		9,678		528,734
Investment restructuring	(12,566)		8,861		—		—		—		—		(3,705)
Transfers into (out of) Level 3, net (1)	(100)		—		—		—		—		—		(100)
Proceeds from sales of investments / return of capital	(75,601)		—		—		—		—		—		(75,601)
Loan origination fees received	(11,263)		(580)		—		—		—		—		(11,843)
Principal repayments received	(257,304)		(29,862)		(714)		—		—		—		(287,880)
Payment-in-kind interest / dividends	1,614		1,440		—		8,062		—		—		11,116
Accretion of loan premium / discount	304		39		—		—		—		—		343
Accretion of deferred loan origination revenue	6,785		515		—		—		—		—		7,300
Realized gain (loss)	(3,334)		(8,379)		—		—		—		—		(11,713)
Unrealized appreciation (depreciation)	(9,621)		1,464		1,727		(1,671)		233		—		(7,868)
Fair value, end of period	$	2,041,290	$	131,644	$	16,718	$	307,969	$	2,708	$	9,678	$	2,510,007

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the six months ended June 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

Schdule of Interest and Investment Income

PIK interest and dividend income for the three and six months ended June 30, 2025 and 2024 was as follows:

	Three Months Ended			Three Months Ended			Six Months  Ended			Six Months  Ended
($ in thousands)	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
PIK interest income	$	3,844		$	3,505		$	7,299		$	5,870
PIK interest income as a % of investment income	3.7		%	4.3		%	3.9		%	3.8		%
PIK dividend income	$	4,172		$	4,118		$	8,214		$	8,125
PIK dividend income as % of investment income	4.1		%	5.0		%	4.4		%	5.2		%
Total PIK income	$	8,016		$	7,623		$	15,513		$	13,995
Total PIK income as a % of investment income	7.8		%	9.3		%	8.2		%	8.9		%

Schedule of Recurring and Non Recurring Fee and Other Income

Fee and other income for the three and six months ended June 30, 2025 and 2024 were as follows:

	Three Months Ended		Three Months Ended		Six Months  Ended		Six Months  Ended
($ in thousands)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees	$	3,091	$	2,519	$	5,825	$	4,724
Management, valuation and other fees	1,384		635		2,448		1,222
Royalty income	371		187		758		187
Total Recurring Fee and Other Income	4,846		3,341		9,031		6,133
Non-Recurring Fee and Other Income:
Prepayment fees	98		326		605		351
Acceleration of unamortized loan origination fees	857		1,677		1,391		2,663
Advisory, loan amendment and other fees	2,353		171		2,366		744
Total Non-Recurring Fee and Other Income	3,308		2,174		4,362		3,758
Total Fee and Other Income	$	8,154	$	5,515	$	13,393	$	9,891